£670m mis-selling fine for Yorkshire Bank

10 October 2014

money Another fine to report on, this time, Yorkshire Bank and Clydesdale and their parent company NAB, who have been slapped silly with a £670m fine over various mis-selling nonsense.

Yorkshire and Clydesdale have put £420m to one side in a bid to cover payment protection insurance (PPI) mis-selling and a further £250m charge for compensation they'll have to dole out.

It is suspected that NAB’s new chief executive Andrew Thorburn is going to get the banks' balance sheets in order so they can be put up for sale as NAB see this pair of banks as a financial drain.

Thorburn said: "Taking these decisions gives us more clarity going into the future and allows us to focus on the core Australian and New Zealand franchises, which remain in good shape."

David Thorburn, chief executive of Clydesdale and Yorkshire Banks, said: "While it’s disappointing to have announced significant provisions for the legacy conduct issues we signalled in August, very real progress is being made in driving forward our clear commitment to fairness and investing in building a better bank for customers."

Banks aren't going to stop rinsing customers, so why they bother pretending otherwise is another matter.

TOPICS:   Banking   Government   Scams

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